Economics · Consumer Behaviour and Budget Set
In consumer theory, a 'Budget Set' refers to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The set of all bundles of goods available to a consumer at prevailing prices and income.✓
- 2A set of prevailing prices available to a producer.
- 3Any bundle of goods that costs strictly less than the consumer's income.
- 4Given the prices of goods, the total income available to a consumer.
Correct answer
The set of all bundles of goods available to a consumer at prevailing prices and income.
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